China Specialist, Auto and Industrial Specialist

Victoria Li

20 years experience as sell side analyst focusing on China's Industrial and Auto sectors

Xi & Shenzhen/ Trade/ US-China/ Taiwan/ Electric Cars

China Auto: Oct Better than Expected, EV Demand Booming

BYD(1211.HK): Calm Down, Time to Take Profit

China NEV: Extended Subsidies Vs. Oil Price Drop - Advantage Lower Oil Price

BYD: Component Carve-Outs More Interesting than Core Business

Thematic (Sector/Industry)

China Automobiles / Thematic (Sector/Industry)

In the past few months, China's Startup EV brands have been ramping up quickly.  BYD showed marketshare gains in September thanks to newly launched Model Han. However, Tesla might put new pressure on their up trend very soon. Local produced Model Y might be launched in November at the earliest, which might put huge pressure on NIO (NIO.US) and Li Auto's (LI.US) sales in short term. Model 3 sales price has been cut again and getting close to its Chinese competitor models. BYD Han might be under pressure. However, Xpeng (XPEV.US), who's P7 is directly competing with Model 3, has shown  capability of overcoming Model's price cut pressure. We believe XPEV is better positioned to overcome new threats from Tesla in near term.

In the past few months, China's Startup EV brands have been ramping up quickly.  BYD showed marketshare gains in September thanks to newly launched Model Han. However, Tesla might put new pressure on their up trend very soon. Local produced Model Y might be launched in November at the earliest, which might put huge pressure on NIO (NIO.US) and Li Auto's (LI.US) sales in short term. Model 3 sales price has been cut again and getting close to its Chinese competitor models. BYD Han might be under pressure. However, Xpeng (XPEV.US), who's P7 is directly competing with Model 3, has shown  capability of overcoming Model's price cut pressure. We believe XPEV is better positioned to overcome new threats from Tesla in near term. 

China EV:  New Threats from Tesla Coming, Prefer XPEV